The State Securities Commission of Vietnam (SSC) has officially announced the termination of Total Department Store Corporation (stock code: TBH) as a public company, effective from the beginning of 2026.
This decision follows the company’s repeated violations of information disclosure obligations and its own expressed desire to withdraw from public status.
Two Consecutive Years of Non-Compliance
According to Official Dispatch No. 157/UBCK-GSĐC dated January 8, 2026, based on the SSC’s and Hanoi Stock Exchange’s (HNX) monitoring, Total Department Store Corporation failed to comply with transparency regulations. Specifically:
Financial Reports: The company did not publish audited financial statements for two consecutive years, 2023 and 2024.
Shareholders’ Meetings: It also failed to disclose resolutions from the annual shareholders’ meetings during the same period.
These violations directly contravene points b and c, Clause 1, Article 38 of the Securities Law No. 54/2019/QH14 (amended by Law No. 56/2024/QH15).
In addition to facing penalties, the company’s public status revocation stems from its own request. On November 25, 2025, Total Department Store Corporation submitted Official Dispatch No. 221/2025/CV-TBH to the regulatory authority, formally requesting this action.
Established in 1954 under the Ministry of Industry and Trade, Total Department Store Corporation was transformed into a joint-stock company in 2004. Its TBH shares began trading on the UPCom market from August 13, 2021, with a reference price of VND 5,700 per share.
As of January 13, 2026, TBH shares closed at VND 13,100 per share, with a market capitalization of VND 1.2 trillion.
The company has a history of legal disputes among shareholders. Notably, shareholders accused the Board of Directors of abusing their positions to illegally sell prime real estate in Hanoi and Hai Phong, including the 2,601 m² headquarters at 38 Phan Đình Phùng valued at VND 41 billion, secretly sold to Thai Son Co., Ltd. in 2009.
Additionally, shareholders alleged that the 2010-2014 Board of Directors engaged in fraudulent schemes, misappropriating VND 257 billion in company assets and failing to adhere to corporate bylaws. They further claimed that despite reporting losses in 2017, 2018, and 2019, the company still paid corporate income tax.
Total Department Store Corporation was also criticized for issuing 90 million shares, raising VND 900 billion for Phu Thanh Construction Investment JSC, allegedly to acquire company-owned assets including properties at 15 Bich Cau, 38 Phan Dinh Phung, Kho 6 Van Dien, and 23 Dien Bien Phu.
In November 2014, a group of investors led by Tan Hoang Minh Hotel Services Trading LLC and several individuals notified the Board of Directors of their intent to acquire the company’s shares. They pledged to restructure the company for growth if successful.
By March 2015, the Tan Hoang Minh group successfully auctioned all state-owned shares held by SCIC. After acquiring additional shares from willing sellers, they became the controlling shareholder with over 76% ownership.
In February 2021, the company privately issued 90 million shares to strategic investors at VND 10,000 per share. This increased the charter capital from VND 31.2 billion to nearly VND 931.2 billion.
Phu Thanh Construction Investment JSC, a Tan Hoang Minh Group member, acquired all issued shares, becoming the largest shareholder with 96.65% ownership. These shares are restricted from transfer until February 24, 2024.
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